The Role of Online Gambling in American Economy
The online gambling in the United States is considered a billion dollar industry before the enactment of the unlawful Internet Gambling Enforcement Act last 2006 which prohibit businesses from accepting credit cards, checks, or other bank instruments from gamblers who illegally bet over the Internet. Compliance with those prohibitions and regulations would be enforced by various federal agencies as well as state governments, and violations would be subject to new civil remedies and criminal penalties. It was recorded that most of the online bets are coming from the United States approximately with about 80 percent or beyond. These billion dollars are probably used to be to support and strengthen the US economy. In addition, things are getting worse to the US government. Recently, they have already an arrangement to pay millions of dollars as payment for the penalty of the island Antigua.
This is due to poor compliance of the decision of World Trade Organization when it comes to online gambling. Some of the US Presidential candidates have strong understanding towards the role of this activity in the lives and progress of the country in a legalized form. There are some pros and cons in the legalization of online gambling, Republican Ron Paul speak out against any form of internet gambling prohibition, in contrast, a well-known poker players, Hillary Clinton and Barack Obama are in support of this issue. Online gambling is a competitive business many gambling sites will provide good offers to get potential gamblers to use their site and stay with them. It brings many benefits to the countrymen.
As time passes by, these Internet gambling companies would bring more employment to the Americans. One best example how beneficial the industry is at the online gambling destination of Costa Rica which is among the highest paying industry in the place. Many gambling operators raise millions of dollars back into the Costa Rican economy. The industry requires a skilled work force with highest knowledge in English. Online gambling in many ways illustrates just what is wrong with the US economy today. Jobs and whole industries are emerging elsewhere in the world with less and less being fed back into the American economy. The whole world was feared especially American highest officials, economists and business leaders as well to the possible dragged down of the US economy. Political and business leaders with around 2,500 members gathered for a serious meeting about the present US economic situation at the Swiss skiing resort of Davos. The International Monetary Fund (IMF) chief Dominique Strauss-Kahn recently announced for the economic forecast the following week to keep track what will happen for the economy in the mere future. In many ways, online gambling shows just what is happening with the US economic situation today.
With the blossoming economy of Costa Rica, this will be the substitute to support to the world economy as IMF chief stressed out.
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